Renovated Creative Space with
New
For Sale
$200,000
14750 Puritan Avenue, Detroit, MI 48227
Two distinct interior areas combine private workrooms with an adaptable shared-use setting.
Property Size3,900 SF
Days on Market6
Property Features for 14750 Puritan Avenue
General Information
Standard status
Active
Size
3,900 SF
Property subtype
Commercial
Additional Details
Office Units
9
Taxes and HOA fees
Annual Taxes
$1,749
Amenities
full kitchen
Building Details
Building Size
3,900 SF
Year Built
1960
Buildings
1
Stories
3900
Units
10
Listing Agency:
KW Home Realty
(313) 516-3856
Listed By:
Cecelia Dillard · License #6501380095
(313) 516-3856
Source:
Buyatthelake
Added: Aug 25
Changed: Aug 29
Last Checked: Aug 29 at 5:25PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of KW Home Realty
Investment Insights
Based on property information with market context.
Renovated creative space at 14750 Puritan Avenue features a divided interior configuration suited to multiple business functions. One section contains nine private suites and one restroom, while the other provides an open area with two additional restrooms, a full kitchen, and room for meetings, training, events, workshops, coworking, or studio activities.
Building improvements include a new roof, plumbing, electrical system, furnace, and central air unit. Constructed in 1960, the property offers a combination of private rooms and flexible common space within a single commercial building.
Building improvements include a new roof, plumbing, electrical system, furnace, and central air unit. Constructed in 1960, the property offers a combination of private rooms and flexible common space within a single commercial building.
Key Highlights
- Nine private suites with one restroom in one section of the building
- Open area with two restrooms and a full kitchen
- Interior supports meetings, training, events, workshops, coworking, and studio activities
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$13,426
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.71%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$268,520
$268.5K
Cap Rate 7%
$191,800
$191.8K
Cap Rate 9%
$149,178
$149.2K
Market Conditions
NOI Build-Up for 3,900 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$23.4K $6.00/SF
− Vacancy
−$5.5K −$1.41/SF
EGI
$17.9K $4.59/SF
− OpEx
−$4.5K −$1.15/SF
NOI
$13.4K $3.44/SF
Area
ZIP 48227
Vacancy
23.50%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$268,520
Cap Rate 7%
$191,800
Cap Rate 9%
$149,178
Alternative Uses
Best Use
Office B
$191.8K
$167.8K – $223.8K
NOI $13,426 @ 7.0% cap · market cap 6.71%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$634.5K
$555.2K – $740.2K
NOI $44,414 @ 7.0% cap · market cap 22.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
9
Office units
Location Intelligence
Trade Area within ½ mile
553
Businesses Nearby
Explore this area
Business Placement
Demographics for 48227, MI
40,266
Population
19,933
Households
2
Avg Household Size
36
Median Age
12%
College-Educated
83%
High-School Grad
7.5 sq mi
ZIP Area
5,369
Density / Sq Mi
$36,221
Median Household Income
$31,797
Median Earnings
$1,034
Median Rent
$70,900
Median Home Value
Market
Vacancy Rate% for Office in Detroit, MI
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Creative space - Two distinct interior areas combine private workrooms with an adaptable shared-use setting.
Where is this creative space located?
The property is located at 14750 Puritan Avenue Detroit, MI.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Nine private suites with one restroom in one section of the building; Open area with two restrooms and a full kitchen; Interior supports meetings, training, events, workshops, coworking, and studio activities
